The State Trading Organisation (STO) has recorded a revenue of USD 227 million for the second quarter of this year, marking a 23% decrease compared to the first quarter.
The latest financial data report released by STO showed that the decline primarily stems from a reduction in fuel prices within the Maldivian market, driven by global fuel price fluctuations. As a result, the company's core fuel business was adversely affected, leading to a 16% decrease in profit to USD 33 million compared to the previous quarter.
The report also showed that STO operating profit for the second quarter was USD 13 million. The company also posted a pre-tax profit of USD 11 million and an after-tax net profit of USD 9.6 million, which is a 24% decrease compared to the prior quarter.
STO is the largest multi-business entity in the Maldives, engaged in trading fuel, pharmaceuticals, construction materials, as well as food and beverages.